Finance and accounting Books

Book SynopsisEffective Training & Development is essential if you are to continuously get the best from your people and extend the knowledge shelf-life of your company. This module explores the vast array of options available to the HR function including on-the-job learning, formal management education, coaching and mentoring. Cost-effectiveness and measurable payback are also dealt with as cornerstones of any training and development activity.Table of ContentsIntroduction to ExpressExec. Introduction to Training and Development Finance. Training and Development Finance: What does Managing Training and Development Finance Involve? The Evolution of Training and Development Finance. The E-Dimension. The Global Dimension. The State of the Art. Managing Training and Development Finance in Practice. Key Concepts and Thinkers. Resources. Ten Steps to Managing Training and Development Finance. Frequently Asked Questions (FAQs). Index.

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Book SynopsisThis innovative two-volume set reprints 24 of the most influential articles on corporate finance published during the period 1996-2003. Five topics are covered: capital structure, securities issuance, payout policy, corporate governance and diversification and internal capital markets. The articles selected reflect two major evolutionary trends and two rather significant departures from prior work. The two trends are the integration of industrial organization theories into finance and the continued refinement of ideas related to the impact of taxation on corporate decision making. The two departures are the increased focus on law and finance and the increased willingness to adopt behavioral approaches.This important collection offers an overview of present thinking and raises new questions in corporate finance.Trade Review'This book contains an excellent selection of post-1995 contributions to the corporate finance literature. It provides especially thorough coverage of the interface of law and finance, which is probably the most important new line of research in corporate finance in the last ten years. A nice, and particularly useful, touch is the inclusion of a few perhaps under-appreciated articles (most notably, J.B. Heaton's "Managerial Optimism and Corporate Finance") that have significant potential to help shape future research. Any serious student of corporate finance will find this collection to be a useful addition to his or her library.' -- Harry DeAngelo, University of Southern California, US'This carefully chosen selection of articles in corporate finance is essential reading for academics and professionals who wish to keep abreast of research in this rapidly advancing field. Jay Ritter is to be congratulated on his grasp of this burgeoning literature.' -- Michael J. Brennan, University of California, Los Angeles, USTable of ContentsContents: Volume I Acknowledgements Foreword Richard Roll Introduction Jay R. Ritter PART I CAPITAL STRUCTURE 1. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’ 2. Gregor Andrade and Steven N. Kaplan (1998), ‘How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed’ 3. John R. Graham (2000), ‘How Big Are the Tax Benefits of Debt?’ 4. John R. Graham and Campbell R. Harvey (2001), ‘The Theory and Practice of Corporate Finance: Evidence from the Field’ 5. J.B. Heaton (2002), ‘Managerial Optimism and Corporate Finance’ 6. Malcolm Baker and Jeffrey Wurgler (2002), ‘Market Timing and Capital Structure’ PART II SECURITIES ISSUANCE 7. David Mayers (1998), ‘Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options’ 8. Craig G. Dunbar (2000), ‘Factors Affecting Investment Bank Initial Public Offering Market Share’ 9. Laurie Krigman, Wayne H. Shaw and Kent L. Womack (2001), ‘Why Do Firms Switch Underwriters?’ 10. Tim Loughran and Jay R. Ritter (2002), ‘Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?’ 11. Alexander P. Ljungqvist, Tim Jenkinson and William J. Wilhelm, Jr. (2003), ‘Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I PAYOUT POLICY 1. Amy K. Dittmar (2000), ‘Why Do Firms Repurchase Stock?’ 2. Murali Jagannathan, Clifford P. Stephens and Michael S. Weisbach (2000), ‘Financial Flexibility and the Choice between Dividends and Stock Repurchases’ 3. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (2000), ‘Agency Problems and Dividend Policies around the World’ 4. Eugene F. Fama and Kenneth R. French (2001), ‘Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?’ PART II CORPORATE GOVERNANCE 5. Andrei Shleifer and Robert W. Vishny (1997), ‘A Survey of Corporate Governance’ 6. Rafael La Porta, Florencio Lopez-De Silanes and Andrei Shleifer (1999), ‘Corporate Ownership Around the World’ 7. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (2000), ‘Investor Protection and Corporate Governance’ 8. Stijn Claessens, Simeon Djankov and Larry H.P. Lang (2000), ‘The Separation of Ownership and Control in East Asian Corporations’ 9. J. Carr Bettis, John M. Bizjak and Michael L. Lemmon (2001), ‘Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders’ 10. Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer and Robert Vishny (2002), ‘Investor Protection and Corporate Valuation’ PART III DIVERSIFICATION AND INTERNAL CAPITAL MARKETS 11. Jeremy C. Stein (1997), ‘Internal Capital Markets and the Competition for Corporate Resources’ 12. Raghuram Rajan, Henri Servaes and Luigi Zingales (2000), ‘The Cost of Diversity: The Diversification Discount and Inefficient Investment’ 13. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’ Name Index

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Book SynopsisThe stock market crash of 1987 combined with scandals in the world's major financial centres has focused both public and academic attention on the importance of regulation. David Gowland critically appraises the methods of regulating financial markets describing their strengths and limitations. He considers the nature of regulation illustrating the argument with references to financial centres throughout the world. Special emphasis is placed on the impact of financial innovation, internationalisation and Black Monday.Trade Review'Gowland offers an international orientation to this topic, examining regulations not only in the US capital markets but in Europe as well. A worthwhile acquisition for both corporate and academic libraries.' -- Choice

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Book SynopsisExchange Rates and the Monetary System comprises a careful selection of Peter B. Kenen's acclaimed papers on international monetary economics written over the past thirty years. The volume includes Professor Kenen's theoretical and empirical essays on the functioning of the international monetary system, policy co-ordination and exchange rate management, the debt problem, monetary integration in Western Europe and economic reform in Eastern Europe. A detailed introduction places Professor Kenen's papers in context and outlines the development of his thought as well as his experience of international policy making and policy co-ordination, beginning with the Kennedy administration and including recent visits to institutions such as the International Monetary Fund and the Bank of England.Divided into sections which deal specifically with theory, measurement and policy prescription, this volume offers a comprehensive assessment of international monetary economics by a scholar who has made significant contributions to both theory and policy.Trade Review'The contributions to this volume are highly relevant and well worth reading.' -- Kees Koedijk, Economic Journal

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Book SynopsisThis major reference book provides an authoritative analysis and survey of consumer research and economic psychology. It provides an international, in-depth overview of the present state of knowledge and theory which will be indispensable to students, researchers and practitioners.The Companion presents over 100 specially commissioned entries on important topics in consumer research and economic psychology from behaviourism and brand loyalty to trust and the psychology of tourism. Leading scholars in the fields provide stimulating insights into the area as well as summarising existing knowledge. Readers will find entries both on new topics that have rarely been considered in the framework of consumer research or economic psychology and on topics that have long been considered important in these disciplines.The book will ably meet the needs of undergraduate and graduate students in business administration, economics, marketing and psychology, as well as informing researchers and practitioners in those disciplines.Trade Review'. . . a generous selection of essays that many will find useful to refresh a faded memory, to grasp an overview of an unfamiliar subject, or to clarify misunderstood or confusing issues. Earl and Kemp have relied on the expertise of a wide selection of scholars to compile a timely and useful resource that can best be described as a short encyclopedia. . . . a readable, authoritative, and diverse research tool. The index is comprehensive and useful. The articles are clearly written. Each is referenced with a set of essential sources for further study. Marketing needs such resources for students and scholars alike. The Elgar Companion can be a good starting point for a student (or professor) who could start learning about a new topic by consulting one of these articles.'

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Book SynopsisMoney and Macroeconomics is a significant collection of David Laidler's most important papers on the so-called 'monetarist counter-revolution'. This volume contains both published and unpublished examples of his influential contribution, detailing empirical work on the demand for money, the economics of inflation, the foundations of the 'buffer stock' approach to monetary theory, the monetarist critique of new classical economics and issues of economic policy.David Laidler has also prepared a personal memoir to accompany his volume which gives a revealing account of his academic career and influences, and places each essay in its original intellectual context. Money and Macroeconomics presents in one volume David Laidler's most important contributions to monetary economics. It will be invaluable to monetary and financial economists as well as policy makers and historians of economic thought.Table of ContentsContents: Economics as a Way of Life – A Personal Memoir 1. ‘The Rate of Interest and the Demand for Money – Some Empirical Evidence’ 2. ‘The Results and Implications of Recent Empirical Work on the Aggregate Demand Function for Money in the United States’ 3. ‘The Permanent-Income Concept in a Macro-economic Model’ 4. ‘Money, Wealth and Time Preference in a Stationary Economy’ 5. ‘The Phillips Curve, Expectations and Incomes Policy’ 6. ‘The Current Inflation – Explanations and Policies’ 7. ‘Monetarist Models of Inflation in Closed and Open Economies’ 8. ‘Information, Money and the Macroeconomics of Inflation’ 9. ‘Monetarism: An Interpretation and an Assessment’ 10. ‘A Small Macro-model of the Post-War United States’ 11. ‘On the Demand for Money and the Real Balance Effect’ 12. ‘Did Macroeconomics need the Rational Expectations Revolution?’ 13. ‘The “Buffer Stock” Notion in Monetary Economics 14. ‘Taking Money Seriously’ 15. ‘What Remains of the Case for Flexible Exchange Rates?’ 16. ‘The Quantity Theory is Always and Everywhere Controversial – Why?’ 17. ‘Price Stability and the Monetary Order’ 18. ‘Monetarism – the Unfinished Business’ Index

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Book SynopsisThis book critically examines the progress made on macroeconomic stabilization and financial sector reform in the transition economies of Central and Eastern Europe. It relates microeconomic experiences to the broader macroeconomic context of reform, and emphasises that macro reform is underpinned by micro and institutional reform, especially in the financial sphere.Key features include: bank and enterprise restructuring and the progress towards the resolution of banking and bad debt problems implications of bank and enterprise restructuring for corporate governance and company performance an evaluation of bank-enterprise relationships exchange rates and capital flows, with an analysis of the capital inflow problem and the performance of fixed exchange rate regimes in the post-stabilization phase of the transition detailed surveys of individual firm and bank behaviour and performance during the reform process. The book will be welcomed by scholars and practitioners interested in monetary and financial economics, the economics of transition and comparative economic systems.Table of ContentsContents: Foreword: Keynote Speech by Vahur Kraft, President, Bank of Estonia Preface 1. Introductory Overview Part I: Bank and Enterprise Restructuring 2. The Polish Bank and Enterprise Restructuring Programme 3. Enterprise Restructuring and Changes in the Business Environment in Estonia 4. Financial Contracts and Relations in the Small and Medium-Sized Enterprise Sector in Poland 5. Financing Small and Medium-Sized Enterprises in Poland, 1989–1994 6. Entry Conditions, Structure and Performance in Banking Sectors in Central and Eastern Europe 7. Financial Reforms in Poland Part II: Exchange Rate Regimes and Capital Flows 8. Fixed Exchange Rate Regime in the Stages of Transition 9. Macroeconomic Policy and Capital Flows 10. The Magnitude and Determinants of Capital Flight in Eastern Europe 11. Sterilization of Capital Inflows in Transition Economies Part III: Macroeconomic Effects of Financial Reforms and Panel Discussion 12. Simulation Experiments of the Macroeconomic Effects of Financial Reforms in Poland and Estonia 13. The Continuing Debate Index

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Book SynopsisThis timely book examines the effects of financial liberalization in the more advanced economies of Southeast Asia. The book also analyses the degree to which emerging and transitional economies in East and South Asia can benefit from this example. The weakness of the banking sector is examined in order to explain the reasons behind the currency crisis and to prescribe policies to avoid a similar episode in the future.Further, the book documents the individual steps taken to liberalize the economies over a period of about 20-30 years in each country. The analyses reveal that liberalization led to high growth in economies undertaking such reforms while unwillingness to take such reforms appear to have led to poor growth and hence low social development. This finding contradicts the common belief that liberalization led to the financial crisis and then to growth collapse.An efficient and liberalized financial sector is an essential precondition for promoting and accelerating economic growth and welfare. Arguments supporting this policy are based on the experience of Southeast Asian economies, particularly the pioneers such as Malaysia, Singapore, Indonesia and Thailand. This has led some less developed countries in East and South Asia to initiate the process of financial sector reforms and to realize the potential benefits of such reforms. The authors analyse the reform process and the lessons to be drawn from the experiences of these economies in their quest for sustained development in East and South Asia.Trade Review'This is an insightful, important, and good book. . . [the book] is a valuable addition to the debate on policy making and structures in Asia and will, I hope, be an influential one.' -- Gordon de Brouwer, Bulletin of Indonesian Economic Studies'. . . this book provides useful information about the Asian financial crisis.' -- Ying, Zhu, Asia Pacific Business ReviewTable of ContentsContents: Preface Part I: Liberalization and the Asian Financial Crisis Part II: The Early Reformers Part III: Communists Return to Market Forces Part IV: The Hesitant Reformers Part V: The Lessons from Liberalization Bibliography Index

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Book SynopsisTreasury securities represent the largest sector of interest rate markets. This book will provide securities newcomers with the tools they need to get up to speed and seasoned professionals with a valuable reference source. The book covers every aspect of the market, including: the basics, valuation techniques, risk analysis, and utilizing derivatives to control interest rate risk.Table of ContentsAcknowledgements. 1. U.S. Treasury Securities. 2. Valuation of Treasury Securities. 3. Yield and Return Calculations. 4. The Term Structure of Interest Rates. 5. Spot Rates, Forward Rates, and Theories of the Term Structure of Interest Rates. 6. Measuring Level Risk. 7. Measuring Yield Curve Risk. 8. Measuring Historical Yield Volatility and Forecasting Yield Volatility. 9. Repurchase Agreements. 10. Tax Treatment. 11. Cash Market Trading Strategies. 12. Treasury Futures Contracts. 13. Treasury Options. 14. Valuation of Treasury Futures and Options. 15. Controlling Interest Rate Level Risk with Treasury Futures and Options. 16. Basis Trading with Futures and Volatility Trades with Options. Index.

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Book SynopsisThe bond market is one of the largest and most important financial markets in the world. For professional investors, building and managing a portfolio of bonds to achieve above-market returns is a continual challenge. In Selected Topics in Bond Portfolio Management, leading experts discuss state-of-the-art strategies for managing indexed, corporate, high-yield, municipal, and global bond portfolios. Each chapter includes questions and answers to enhance the reader's understanding.Table of ContentsPreface. 1. Measuring and Managing Interest-Rate Risk (S. Richard and B. Gord). 2. Active Bond Portfolio Management: An Expected Return Approach (F. Trainer, Jr.). 3. Managing Indexed and Enhanced Indexed Bond Portfolios (K. Volpert). 4. Global Corporate Bond Portfolio Management (J. Malvey). 5. Managing Municipal Bond Portfolio (J. Slater). 6. Managing a High-Yield Bond Portfolio (J. Madden and J. Balestrino). 7. International Bond Portfolio Management (C. Steward and J. Lynch). 8. Using Busted Convertibles to Enhance Performance (W. Leach). 9. Managing a Fixed Income Portfolio Versus a Liability Objective (R. Ryan). 10. Fixed Income Attribution Analysis (F. Jones and L. Peltzman). 11. Bond Convexity: Hidden Risk, Hidden Value (K. Grant). 12.A User's Guide to Buy-Side Bond Trading (R. Gerber). Questions.

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Book SynopsisInterest rate volatility can wreak havoc with the balance sheets of institutional investors, traders, and corporations. In this important book, leading experts in the field discuss methods for measuring and hedging interest rate risk. The book covers basic techniques, as well as state-of-the-art applications. Specific topics include portfolio risk management, value-at-risk, yield curve risk, interest rate models, advanced risk measurements, interest rate swaps, and measuring and forecasting interest rate volatility.Table of ContentsContributing Authors. 1. Interest Rate Models (O. Cheyette). 2. Fixed Income Risk (R. Kahn). 3. A Primer on Value at Risk (M. Minnich). 4. Portfolio Risk Management (H. Fong and O. Vasicek). 5. Advanced Risk Measures for Fixed-Income Securities (T. Geske and G. Klinkhammer). 6. Dissecting Yield Curve Risk (W. Phoa). 7. Measuring and Managing Interest-Rate Risk (S. Richard and B. Gord). 8. Value Measures for Managing Interest-Rate Risk (M. Kreisler and R. Worley). 9. Improved Measurement of Duration Contributions of Foreign Bonds in Domestic Portfolios (R. Willner). 10. The Basics of Cash-Market Hedging (S. Ramamurthy). 11. Hedging Fixed-Income Securities with Interest-Rate Swaps (S. Ramamurthy). 12. Hedging Mortgage Passthrough Securities (K. Dunn and R. Sella). 13. Measuring Plausibility of Hypothetical Interest Rate Shocks (B. Golub and L. Tilman). 14. Yield Curve Risk Management (R. Reitano). 15. Non-Hedgable Risk: Model Risk (J. Liu and B. Lu). 16. Measuring and Forecasting Yield Volatility (F. Fabozzi and W. Lee). Index.

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Book SynopsisAdvanced Fixed Income Analytics helps fixed income professionals stay abreast of the latest developments in the field by providing a practical account of quantitative methods in the fixed income market. Wesley Phoa covers a variety of important topics within the bond markets, including inflation-indexed bonds, prepayment risk and modeling, term structure models, credit spread and volatility risk, and risk measures and return attribution. The information and guidance of Advanced Fixed Income Analytics has a strong emphasis on empirical analysis and practical applications that will prepare you for anything within the fixed income market.Table of ContentsPreface. 1. An Empirical Analysis of Yield Curve Dynamics. Fundamental Factors Driving the Evolution of the Yield Curve. Going Beyond the Fundamentals: Nuances of the Yield Curve. 2. Term Structure Models: A Portfolio Manager's Guide. Setting the Scene. Basic Concepts of Interest Rate Option Models. Relative Merits of Different Term Structure Models. Option Models in Practice. 3. Quantitative Approaches to Inflation-Indexed Bonds. Inflation-Indexed Bonds and Real Yields. Inflation-Indexed Bonds in a Nominal Portfolio. Advanced Analysis Approaches to Inflation-Indexed Bonds. 4. Long Bond Pricing Paradoxes and Long-Term Yields. Analysis of the Convexity Bias. Theorems about Very Long-Term Interest Rates. A Very Long-Term Analysis of the Bond Market. 5. Prepayment Analysis and Prepayment Model Risk. Prepayment Models: Goals, Construction, Fitting, Evaluation. Prepayment Model Risk. 6. Measures of Non Yield Curve Risk and Risk/Return. Setting the Scene: The Concept of OAS. Advanced Risk Measures. Relative Value Analysis for Mortgages. Appendix: Default Risk and Default Spreads. 7. Risk Measurement and Performance Attribution. Classifying Risk Measurement Tools. Interpreting the Results of Performance Attribution. Relating Different Frameworks for Performance Attribution. Index.

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Book SynopsisIn Bond Portfolio Management, Frank Fabozzi, the leading expert in fixed income securities, explains the latest strategies for maximizing bond portfolio returns. Through in-depth discussions on different types of bonds, valuation principles, and a wide range of strategies, Bond Portfolio Management will prepare you for virtually any bond related event-whether your working on a pension fund or at an insurance company. Key topics include investment objectives of institutional investors, general principles of bond valuation, measuring interest rate risk, and evaluating performance. Bond Portfolio Management is an excellent resource for anyone looking to master one of the world's largest markets, and is a perfect companion to Fabozzi's successful guide-The Handbook of Fixed-Income Securities.Table of Contents1. Introduction. 2. Investment Objectives of Institutional Investors. SECTION I: THE INSTRUMENTS. 3. Bonds. 4. Agency Mortgage-Backed Securities. 5. Credit Sensitive Mortgage- and Asset-Backed Securities. 6. Interest Rate and Credit Derivatives. 7. Financing Positions. SECTION II: VALUATION. 8. General Principles of Bond Valuation. 9. Valuation Methodologies. 10. Valuation of Interest Rate Derivative Instruments. SECTION III: MEASURING POTENTIAL RETURN AND RISK EXPOSURE. 11. Total Return Framework. 12. Measuring Risk. 13. Measuring Interest Rate Risk. 14. Credit Analysis. SECTION IV: PORTFOLIO MANAGEMENT STRATEGIES. 15. Managing Funds Against a Bond Market Index. 16. Managing Funds Against Liabilities. 17. Strategies with Futures and Swaps. 18. Strategies with Options, Caps, and Floors. 19. Managing a Global Bond Portfolio. 20. Measuring and Evaluating Performance. Appendix: Tax Considerations. Index.

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Book SynopsisStable value investments can be a crucial aspect of any financial manager's portfolio decisions-yet few books provide in-depth coverage of issues concerning their management, underwriting, and pricing. In The Handbook of Stable Value Investments, Frank Fabozzi gives you the comprehensive, specialized information on these investments that is available nowhere else.Table of ContentsPreface. Contributing Authors. SECTION I: INTRODUCTION. 1. Introduction to the Stable Value Investment Market (J. Caswell and K. Tourville). 2. GIC Indices and Their Risk/Return Behavior (R. Ryan). SECTION II: STABLE VALUE INVESTMENTS. 3. Traditional GICs (B. Haendiges and E. Keener). 4. Separate Account GICs (K. Smith and S. Koeppel). 5. The Evolving History of Insurance Separate Accounts (P. McWeeney, et al.). 6. Managing Synthetic GIC Portfolios (J. Caswell and K. Tourville). 7. Buy and Hold Synthetics (T. Pearse). 8. Managed Synthetics (I. Rudolph-Shabinsky and C. Psome). 9. The Evolution of Stable Value Pooled Funds (K. Hueler and J. Quarberg). SECTION III: STABLE VALUE PORTFOLIO MANAGEMENT. 10. Stable Value Management (S. LeLaurin and J. Guenther). 11. A Plan Sponsor's Perspective on Managing Stable Value Separate Accounts: The DuPont Approach (D. Brown, et al.). SECTION IV: CREDIT ANALYSIS. 12. Evolution in Evaluating Life Insurance Company Credit Quality (A. Richmond). 13. GICs: A Life Insurance Credit Perspective (P. McWeeney). 14. Evaluating Wrap Provider Credit Risk in Synthetic GICs (J. Griffin). SECTION V: UNDERWRITING AND PRICING STABLE VALUE RISKS. 15. Underwriting Stable Value Risks (V. Gallo). 16. Pricing Stable Value Risks (V. Gallo). SECTION VI: LEGAL/REGULATORY CONSIDERATIONS. 17. Legal, Regulatory, and Accounting Issues (J. Mercier, et al.). SECTION VII: CONCLUSION. 18. The Epilogue: The Future of Stable Value Investing (K. Walker). Index.

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Book SynopsisThe bank loan market has increased dramatically in recent years and is now viewed by some as a distinct asset class. This comprehensive book covers the structure of the market, secondary market in trading practices, and how to manage a bank loan portfolio.Table of ContentsContributing Authors. 1. The Development of the Leveraged Loan Asset Class (S. Miller). 2. The Leveraged Bank Loan Market (S. Oldham). 3. Evolving Role of Credit Ratings for Bank Loans (S. Bavaria). 4. Bank Loan Ratings (J. Rocher, et al.). 5. The Impact of Subordination on Loan Loss (D. Keisman and S. Miller). 6. Market Standards for Loan Trading in the Secondary Market (A. Taylor). 7. Latin American Loan Syndications in the 1990s (M. Coffey). 8. Securitization of Commercial and Industrial Loans (A. Thompson). 9. Collateralized Loan Obligations: Markets and Analysis (R. Thompson and E. Yun). 10. Corporate Loan Portfolio Management (E. Asarnow and M. McAdams). 11. Credit Derivatives in Bank Loan Management (M. Anson). Index.

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Book SynopsisMortgage-backed securities are becoming an increasingly popular tool for constructing a solid portfolio in today's turbulent market. Frank Fabozzi leads more than a dozen experts in examining all the latest trends of this investment strategy, providing in-depth insight and explaining key areas of the commercial mortgage-backed securities landscape. Topics covered include measuring risks in the whole-loan commercial market, multi-family mortgage-backed securities, and B Pieces. Following on the heels of Advances in Mortgage-Backed Securities and The Handbook of Commercial Mortgage-Backed Securities, Trends in Commercial Mortgage-Backed Securities further demonstrates editor Fabozzi's authority in the subject.Table of ContentsContributing Authors. Index of Advertisers. 1. Measuring Risks in the Whole-Loan Commercial Market (W. Barnes and S. Sprouse). 2. Originating and Processing Loans in a Conduit Operation (C. Bull). 3. Master Servicer, Special Servicer, and Trustee (A. Hambly). 4. Surveillance and Collateral Reporting (T. Hall). 5. Default Risk in CMBS Bond Classes (L. Quigg). 6. Relative Value in the CMBS Market (J. Mulligan). 7. Insurance Company Involvement in the CMBS Industry (J. Felleter). 8. Investing in Multifamily MBS (H. Eski and J. Philips). 9. An Investor's Guide to B Pieces (R. Levine and P. Moreo). 10. Relative Value Tools for CMBS IO Analysis (H. Baek). 11. Weighted Average Pass-Through versus Fixed-Rate CMBS (L. Saguil). 12. Comparing FASIT's with REMICs (D. Carden). Index.

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Book SynopsisAdvances in the Valuation and Management of Mortgage-Backed Securities details the latest developments for valuing mortgage-backed securities and measuring and controlling the interest rate risk of these securities. Complete coverage includes: decomposition of mortgage spreads, MBS index replication strategies and market neutral strategies, Monte Carlo/OAS methodology, valuation of inverse floaters and ARMs, relative value analysis, and hedging mortgage instruments against level risk and yield curve risk.Table of ContentsContributing Authors. 1. Decomposition of Mortgage Spreads (A. Bhattacharya and I. Koren). 2. Replicating the MBS Index Risk and Return Characteristics Using Proxy Portfolios (A. Majidi). 3. Market Neutral Trading Strategies (G. Hall). 4. Total Return Analysis in CMO Portfolio Management (D. Canuel and C. Melchreit). 5. Non-Traded Factors in MBS Portfolio Management (A. Levin and D. Daras). 6. Valuation of CMOs (F. Fabozzi, et al.). 7. Valuation and Portfolio Risk Management with Mortgage-Backed Securities (S. Zenios). 8. The Valuation of PAC Bonds Without Complex Models (C. Asness and M. Smirlock). 9. A Portfolio Manager's Perspective of Inverses and Inverse IOs (W. Leach). 10. Forward Rates and CMO Portfolio Management (C. Asness and J. Beinner). 11. A New Approach to Option-Adjusted Valuation of MBS on a Multi-Scenario Grid (A. Levin). 12. Arbitrage-Free MBS Canonical Decomposition (T. Ho and M. Chen). 13. A Practical Guide to Relative Value for Mortgages (W. Phoa). 14. Hedging Mortgage Passthrough Securities (K. Dunn and R. Sella). 15. An Integrated Approach to Mortgage Hedging and Relative Value Analysis (L. Goodman and J. Ho). 16. Yield Curve Risk of CMO Bonds (M. Schumacher, et al.). 17. Valuation and Analysis of ARMs (S. Mansukhani). 18. Understanding and Valuing Callable REMICs (B. Lancaster, et al.). Index.

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Book SynopsisGary Gastineau and Mark Kritzman team up once again for the third edition of this classic reference tool designed for financial analysts and managers. Anyone involved in financial risk management must have a proper understanding of the words, terms, and phrases used in this fast paced field-and Dictionary of Financial Risk Management clearly provides that understanding. Risk management terminology is a part of almost any financial operation, including cash, forwards/futures, swaps, options-and is found in many disciplines: probability and statistics, tax and financial accounting, and law. The vocabulary of the risk manager continues to expand with the creation of new products and new concepts. This volume carefully defines and illustrates all the words and phrases that financial professionals need to know and understand. The Dictionary of Financial Risk Management includes listings of common acronyms, profit/loss diagrams of new financial instruments, and extensive coverage of derivatives and quantitative techniques. This invaluable reference guide provides comprehensive definitions of the key terms and concepts that many financial professionals need to know on a day-to-day basis.Table of ContentsPreface. Acknowledgments. The Essentials of Financial Risk Management. Dictionary Listings. Appendix. Greek Alphabet. Selected Currency Symbols. Debt Ratings.

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Book SynopsisEquity Flex Options is a practical guide showing how E-FLEX options can reduce the market impact of the sale or purchase of a large block of stock, repurchase stock for the account of its corporate issuer, and help manage potential risk.Table of Contents1. Introduction. 2. The Institutional Options Revolution. 3. Applications of Equity FLEX Options. 4. Equity FLEX Options and Corporate Stock Repurchase Programs. 5. The Economics of Synthetic Stock Based on Equity FLEX Options. 6. Equity FLEX Procedures. Appendix A. Terms Used in Equity FLEX Transactions. Appendix B. When Will It Be Possible to Customize Call Strike Prices? Index.

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Book SynopsisFinancial experts Chuck Ramsey and Frank Ramirez join Frank Fabozzi for the third edition of Collateralized Mortgage Obligations: Structure & Analysis. Because of the complexity and the risk associated with CMOs, portfolio managers need specific keys to understand and unlock the potential of these unique investment tools. Fabozzi and company provide this understanding with detailed explanations of all aspects of CMOs, including factors affecting prepayment behavior; whole loan CMO structures; and accounting for CMO investments. Filled with relevant examples and in-depth discussions, Collateralized Mortgage Obligations: Structure & Analysis sheds light on this somewhat controversial and highly technical subject-which is one of the fastest-growing sectors of the fixed-income securities market.Table of ContentsAbout the Authors. 1. Introduction. SECTION I: AGENCY CMOS. 2. Collateral for CMOs. 3. Prepayment Conventions and Factors Affecting Prepayments. 4. Sequential-Pay and Accrual Tranches. 5. Floater, Inverse Floater, and Notional IO Tranches. 6. Planned Amortization Class Tranches. 7. TAC, VADM, Support Tranches, and Re-REMICs. SECTION II: NONAGENCY CMOS. 8. Nonagency CMOs. 9. The Rating of Nonagency CMOs. 10. Prepayment Analysis of Nonagency Mortgage-Backed Collateral. SECTION III: ANALYSIS OF CMOS. 11. Valuation and Spread Measures. 12. Measuring Interest Rate Risk: Duration, Convexity, and Key Rate Duration. 13. Total Return Analysis. 14. Analysis of Inverse Floaters. Index.

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Book SynopsisFrank Fabozzi and Chuck Ramsey update their treatise on nonagency mortgage backed securities in this third edition of The Handbook of Nonagency Mortgage Backed Securities. Focused on an important investing area that continues to grow, this book provides comprehensive coverage of all aspects of this specialized market sector, including the mortgage-related asset-backed securities market and commercial mortgage-backed securities. There is information on raw products, such as jumbo loans, alternative A mortgages, and 125 LTV mortgages, as well as structured products, analytical techniques, prepayment characteristics, and credit issues. This fast-growing segment also includes nonagency pass through, nonagency collateralized mortgage obligations, home loan equity-backed securities, and manufacture housing loan backed securities.Table of ContentsContributing Authors. SECTION I: RESIDENTIAL REAL ESTATE-BACKED SECURITIES. PART A: PRODUCTS AND THEIR STRUCTURE. 1. The Nonagency Mortgage Market: Background and Overview (E. Bruskin, et al.). 2. Understanding Shifting Interest Subordination (M. Clancy and M. Constantino, III). 3. Understanding Compensating Interest (L. Goodman and T. Zimmerman). 4. RALI Alternative-A Mortgages (S. Banerjee and E. Mustafa). 5. Home Equity Loans (C. Schorin, et al.). 6. Home Equity Loan Transaction Structures (C. Schorin, et al.). 7. Home Equity Line of Credit (HELOC) Securitizations (W. Roever, et al.). 8. Securitization of 125 LTV Mortgages (H. Katz and G. Costello). 9. Manufactured Housing: Overview, Securitization, and Prepayments (S. Abrahams, et al.). 10. Securities Backed by CRA Loans (D. Westhoff and V. Srinivasan). 11. Single Family Mortgage Revenue Bonds (M. Marz and F. Fabozzi). PART B: CREDIT ANALYSIS. 12. The Default and Loss Experience of Nonagency MBS (T. Gillis). 13. The Rating Agencies' Approach (D. Bendt, et al.). 14. The Evaluation of Excess Spread in Sub-Prime Transactions (A. Figueroa). 15. A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). 16. Risk-Based Pricing Nonagency Mortgages and Securities (F. Raiter). PART C: PREPAYMENT ANALYSIS AND VALUATION MODELING. 17. The Next Generation of Prepayment Models to Value Nonagency MBS (D. Westhoff and V. Srinivasan). 18. Payment Modeling and Valuation of Home Equity Loan Securities (D. Westhoff and M. Feldman). 19. Identifying Relative Value in Home Equity Loan and Manufactured Housing Securities Using OAS Analysis (A. Dickstein). 20. Home Equity Loan Prepayment Model and OAS Implications (C. Schorin, et al.). 21. A Risk-Return Framework for Evaluating Non-Investment-Grade Subordinated MBS (L. Goodman and L. Lowell). 22. Prepayments on Jumbo Loans (L. Goodman). SECTION II: COMMERCIAL MORTGAGE-BACKED SECURITIES. 23. Introduction to Commercial Mortgage-Backed Securities (B. Lancaster). 24. Understanding Prepayment in CMBS Deals (D. Cheng, et al.). 25. Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). 26. An Empirical Framework for Estimating CMBS Defaults (D. Westhoff, et al.). 27. Valuing the Prepayment and Credit Risks of Commercial Mortgage Securities (M. Youngblood). 28. An Options Approach to Commercial Mortgages and CMBS Valuation and Risk Analysis (D. Jacob, et al.). Index.

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Book SynopsisDerivatives and credit derivatives have emerged as significant areas of interest in portfolio planning and risk management. In this book, Mark Anson examines the accounting and taxation implications of these instruments, including the new accounting rules for derivative instruments promulgated by the financial Accounting Standards in the United States, the Accounting Standards Board in Great Britain, and the International Accounting Standards Committee. Regulatory requirements for disclosing derivatives and tax considerations for derivative instruments are discussed (including TRA-97.) Additionally, the book reviews the regulatory accounting deadlines introduced by the Securities and Exchange Commission and the Commodity Futures Trading Commission.Table of ContentsAbout the Author. 1. Accounting for Derivatives: An Introduction to the Issues. 2. New Accounting Rules from FASB: SFAS 133. 3. Regulatory Requirements for Derivatives Disclosure. 4. International Accounting Rules for Derivatives: IASC E62. 5. International Accounting Rules for Derivatives: FRS 13. 6. The Tax Treatment of Derivative Instruments. 7. The Taxpayer Relief Act of 1997. Index.

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Book SynopsisAs the Dow continues its bumpy ride, many investors are looking for safe investments that will let them sleep at night. Fixed income portfolios can help investors meet their investment goals and avoid the turbulence of today's markets. Managing a Family Fixed Income Portfolio fills a gap in the world of investment literature by providing a serious, analytical understanding of bonds and the bond markets that is accessible to non-specialists. In this exploration of a much-neglected Goldman Sachs Fixed Income Research Strategist Aaron Gurwitz offers a blueprint for mastering fixed income portfolio management for families. The book begins with the basic concepts of bond math, asset allocation, and bond portfolio construction. Discussions of the workings of the global bond market focus on the sectors of most interest to high net worth families, including the U.S. municipal bond market, the eurodollar corporate market, and the global government markets. The final section of the book covers more advanced topics related to the yield curve, interest rate volatility, and fixed-income derivatives. The material will be of interest both to financial professionals who work with wealthy families and to those individual investors who wish to understand this important component of a balanced portfolio.Table of ContentsAbout the Author. Preface. PART I. 1. Introduction. 2. Fixed-Income Basics. 3. The Big Picture: Portfolios, Return, and the Role of Fixed-Income Assets. 4. The Level of Interest Rates and the Shape of the Yield Curve. 5. Interest Rates, Bond Prices, and Portfolio Performance. 6. Currency Exchange Rates and Interest Rates. 7. Choosing the Best Structure for the Family Bond Portfolio. PART II. 8. Sectors of the Bond Market: a Global Perspective. 9. Sectors of the Bond Market: A Domestic U.S. Perspective. 10. Credit and Credit Analysis. 11. Operation of the Public Bond Markets. 12. Taxes and the Fixed-Income Portfolio. 13. Managing a Cash Bond Portfolio. PART III. 14. Leverage and Short Sales in the Fixed-Income Markets. 15. More About the Yield Curve. 16. Fixed-Income Options. 17. Evaluating Bonds with Embedded Options. 18. Fixed-Income Derivatives. 19. Putting it All Together: Building and Managing a Private Fixed-Income Portfolio. Index.

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Book SynopsisIn 1952, Harry Markowitz published "Portfolio Selection," a paper which revolutionized modern investment theory and practice. The paper proposed that, in selecting investments, the investor should consider both expected return and variability of return on the portfolio as a whole. Portfolios that minimized variance for a given expected return were demonstrated to be the most efficient. Markowitz formulated the full solution of the general mean-variance efficient set problem in 1956 and presented it in the appendix to his 1959 book, Portfolio Selection. Though certain special cases of the general model have become widely known, both in academia and among managers of large institutional portfolios, the characteristics of the general solution were not presented in finance books for students at any level. And although the results of the general solution are used in a few advanced portfolio optimization programs, the solution to the general problem should not be seen merely as a computing procedure. It is a body of propositions and formulas concerning the shapes and properties of mean-variance efficient sets with implications for financial theory and practice beyond those of widely known cases. The purpose of the present book, originally published in 1987, is to present a comprehensive and accessible account of the general mean-variance portfolio analysis, and to illustrate its usefulness in the practice of portfolio management and the theory of capital markets. The portfolio selection program in Part IV of the 1987 edition has been updated and contains exercises and solutions.Table of ContentsForeword. Preface to Revised Reissue. Preface. PART I: THE GENERAL PORTFOLIO SELECTION MODEL. 1. Portfolio Selection Models. 2. The General Mean-Variance Portfolio Selection Model. 3. Capabilities and Assumptions of the General Model. PART II: PRELIMINARY RESULTS. 4. Properties of Feasible Portfolio Sets. 5. Sets Involving Mean, Variance, and Standard Deviation. 6. Portfolio Selection Models with Affine Constraint Sets. PART III: SOLUTION TO THE GENERAL PORTFOLIO SELECTION MODEL. 7. Efficient Sets for Nondegenerate Models. 8. Getting Started. 9. Denegerate Cases. 10. All Feasible Mean-Variance Combinations. PART IV: SPECIAL CASES. 11. Canonical Form on the Two-Dimensional Analysis. 12. Conical Constraint Sets and Efficiency of the Market Portfolio. PART V: A PORFOLIO SELECTION PROGRAM. 13. Program Description (By G. Peter Todd). Appendix: Elements of Matrix Algebra and Vector Spaces. References. Index.

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Book SynopsisInvestors, shareholders, and corporate leaders looking for an edge in today's New Economy are moving beyond traditional accounting yardsticks toward new means of gauging performance and profitability. An increasing number of Wall Street analysts and corporate boards are adopting value-based metrics such as EVA, MVA, and CFROI as a measure of a firm's profitability because these standards adjust for all of the firm's cost of capital - equity as well as debt. James Grant tackled the issue of economic value added in its infancy with Foundations of Economic Value Added - one of the first primers on the topic, endorsed by its creator, G. Bennett Stewart. Now, in Value Based Metrics: Foundations and Practice, he and Frank Fabozzi head a team of some of the leading proponents of value based metrics on both the investment management side and the corporate side. This comprehensive reference outlines how corporations and analysts can use value based metrics to more accurately measure the financial performance of individual companies, industries, and economies, as well as how to get an edge in today's turbulent market.Table of ContentsPreface. About the Editors. Contributing Authors. 1. Value-Based Metrics: Motivation and Practice (F. Fabozzi and J. Grant). 2. Value-Based Metrics in Financial Theory (F. Fabozzi and J. Grant). 3. Closing the GAAP Between Earnings and EVA (A. Ehrbar). 4. Value-Based Measures of Performance (P. Peterson). 5. Does Value-Based Management Discourage Investment in Intangibles? (S. O'Bryne). 6. Integrating EVA? into the Portfolio Management Process (J. Wolin and S. Klopukh). 7. Economic Margin: The Link Between EVA and CFROI (D. Obrycki and R. Resendes). 8. Value-Based Management and Economic Value Added: A Global Perspective (S. Young). 9. EVA and the OECD Principles of Corporate Governance (R. Shaw, et al.). 10. The Implementation of Value-Based Metrics and the Next Steps in Corporate Valuation (R. Gupta and C. MacDonald). 11. Allocating Risk Capital in Banking (R. Kimball). 12. Internal Use of Value-Based Metrics (B. Lorge). Index.

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Book Synopsis

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